A New York State politician announced the creation of what he called the nations first cryptocurrency task force to study how to properly regulate define and use the currency according to a Facebook post and reports Clyde Vanel a New York State assembly member said the Digital Currency Study Bill was signed into law last week by Governor Andrew Cuomo Members of the group will include technologists consumers institutional and small investors large and small blockchain enterprises and academics he said Cryptocurrencies like bitcoin Ethereum Litecoin and Ripple are digital assets designed to work as a medium of exchange that uses strong cryptography to secure transactions he said Cryptocurrency however is more than just an asset that stores value It is used as currency a means to exchange for goods and services It is also used to record contracts and transactions Cryptocurrency tokens are also used as utility tokens that can record or store information from how long someone browses a website to rewarding behaviors The banks committee of the states legislature voted to create a digital currency task force back in June and the group will have to submit all relevant information by Dec 15 2020 The reports goal is to study the transparency of the digital marketplace what kind of effect cryptocurrency and blockchain technology will have on state industries and how it will affect taxes among other subjects Julie Samuels the executive director of Tech NYC a nonprofit organization representing New York City tech companies said the study is an important one Cryptocurrencies and blockchain technology will without a doubt greatly impact finance and many other industries across the globe for years to come Samuels said New Yorks cryptocurrency task force the first of its kind in the nation shows how our state is leading the way in studying and understanding these technologies to ensure they can thrive in a responsible and effective way further solidifying New Yorks position as a global hub for smart innovation LATEST INSIGHTS Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation thats reshaping the payments and commerce ecosystem Check out the latest PYMNTS report on PSD2